limited credit card
Debit Cards Vs. Credit Cards
Debit cards: Pros vs the Cons
Debit cards are useful in a lot of ways. For instance, a payday loan can be deposited into your bank account within hours of your online loan application being approved. Money is then yours to spend via a cash withdrawal, personal checks, or your debit card. The recession has seen more people using debit cards than credit cards. While most are already familiar with the convenience of using plastic to pay for items or services, some may not realize the pros and cons of using a debit card, specifically.
Debit card Pros:
Debit cards can hamper impulse spending. They can’t eliminate this problem, but their use can curb it to some extent. Unlike with credit cards, debit cards will only cover purchases when money is available to do so in the bank. A debit card is tied to cash, in that money is deducted (or debited) from your account after the transaction. Credit card spending has limits, and installment payments to pay off charges. A debit card does not offer this luxury. This means most people will think a bit more before spending more cash than they should and skewing their budget.
Merchants who do not accept personal checks are more inclined to accept a debit card for payment of an item or service. This makes carrying a debit card as convenient as a credit card in terms of the point of sale payment method. Today, many debit cards are referred to as Visa check cards and bear the Visa logo while others bear the Mastercard logo. This means that wherever MasterCard or Visa is accepted, debit cards with the logo is accepted there as well.
Debit card cons:
Unlike what is offered with most major credit cards, cash advances or a line of credit is not offered to debit card holders. Therefore, when emergency cash is needed or when fast cash is needed to help a person survive until their next paycheck, a debit card is of no help. A person in this situation, even with bad credit, could look into a loan till payday or cash advance from a personal loan company.
Debit cards do not enjoy the protection of federal regulations that credit card customers enjoy. This means that in a dispute over charges, the consumer has little recourse once money has been debited from their account.
Also, banks that issue debit cards with checking accounts sometimes charge a fee when cards are used. This practice is becoming obsolete, but consumers should check with their bank before using debt cards and accruing fees. Be sure to ask about using the card to get cash from other banks or ATM machines. While some may not charge fees on purchases, it is still very common for banks to charge when a card is used at another institution or at a privately owned ATM machine.
A lost or stolen debit card can also be very costly depending upon what state you reside in and the time that the card is reported missing. While very limited protection may be offered, consumers should be aware of their level of protection ahead of time. If someone doesn’t report their card missing within 48 hours of its going missing, it’s possible for the card holder to be left with liability for purchases or withdrawals made with the card. The liability depends on the bank’s policies and state laws governing such limits.
There are advantages to debit cards, like easy and fast access to cash advance or personal loan deposits, the drawbacks can be costly if a person isn’t careful. They do not, however, have high interest rates and are just as convenient as credit cards. Debit cards don’t help you build credit, but they also don’t have the risk of damaging credit as credit cards do.
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how can i get a credit card with limited credit history while i have a credit card now?
i have applied for a couple of credit cards but i keep getting denied…HELP!
Credit card companies are quick to respond to the growing trend of Internet users by offering online credit card application. As you might have noticed, many credit card companies whether online or offline for that matter, announce they offer the best credit card online, even with instant approval if you apply for it on their website. This method allows the applicant to get approval within a few minutes after submitting the online application form at the company website. Although this isn’t truly instant credit card application, it definitely saves some time when compared to the traditional offline process. The approval process takes only a few minutes, but the credit card company will still need to manually mail you the physical card. This may take up to 10 days before you receive it.
It could take up to a month or two before you receive your credit card if you apply for one via the more tradition ways. You would have to visit the office of the card company personally or call up the customer service hotline to request for an application form to be mail to you. Then, once you have submitted your supporting documents you will need to wait for a reply as the company runs a check on your credit history.
The good thing about applying online for a credit card is that you know if you are approved for it or not within a fairly short time. Another advantage of filling in the application online is that it also allows you the opportunity to compare the cost of credit offered from a lot of different card companies.
There are certain limitations on who is eligible for an instant online credit card application approval. Most instant credit card application offers are targeted to people with good credit records. The competition on the credit market is so high today, that some companies are willing to include people with less than fantastic credit scores in order to get customers. The bottom line is that even if your credit history is not so good, you have the ability obtain an instantly approved credit card. So regardless to what your credit rating is, there is no reason not to use an instant credit card application.
Your credit card application will usually get approved instantly if you maintain a healthy and excellent credit history. However that does not mean that your application will be rejected if you credit history is less than perfect. With so much competition going around in the credit card industry, many companies are willing to take the risk and accept applicants with average credit history. Some of them even provide a card for those people with bad credit.
Before submitting your application online, take the time to do some research. Make sure you visit a legitimate credit card directory to compare card information first. Compare cards and consider the benefits that you want to receive as you do your research. You will also want to read the terms and conditions, yes I know they are enough to put you to sleep, at least once. The important items to take note of are annual fees, interest rate during the introductory period, interest rate after the introductory period, length of grace period and minimum payment amount. Pay particular attention to late payment fees and other unusual penalties. Call up the respective credit card customer service department if you have doubts or any queries with the terms and conditions. Take to time to get the card you want that will serve you the best.
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